** 6:30 AM CDT CBOT Prices: Nov soybeans are unchanged at $9.605, Dec corn is up 2.50 cents at $3.8025 while Sept Chi wheat is up 2.25 cents at $4.60. ** AgResource AM Grain & Oilseed Comment: Good Morning! Mixed with diminished volume has been the CBOT overnight. Corn, wheat and soybeans have traded either…
Talk about a locked-in pattern: Southern Europe heat/dryness and showery/cool West-Central Russia.
Excess market length continues to be liquidated, particularly as corn and bean markets falter – thereby keeping wheat’s premium to corn intact despite weaker futures prices. However, ARC estimates that managed funds have sold an estimated 25,000 contracts since last Tuesday, and so their net position this evening is pegged at a net long of…
Export sales continue to slow as recently harvest South American corn finds the global pipeline. Argentina’s harvest is now 69% complete, and South American supply pressure should be fading. ARC notes that South American basis is higher yet again today, and Gulf corn is offered at parity with Brazilian origin, basis fob. Still, new…
US Forecast Unchanged; Crop Benefits Mixed: The midday GFS added soaking rain to the Central US, which was digested by the markets rather quickly, but other models maintain ongoing dryness beyond this weekend, and so the overall pattern into the latter part of August is unchanged. This week’s drought monitor again shows a very slight…
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